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Client Psychology
A Client-Centered approach to Financial Planning Practice built by Research for Practitioners The second in the CFP Board Center for Financial Planning Series, Client Psychology explores the biases, behaviors, and perceptions that impact client decision-making and overall financial well-being. This book, written for practitioners, researchers, and educators, outlines the theory behind many of these areas while also explicitly stating how these related areas directly impact financial planning practice. Additionally, some chapters build an argument based solely upon theory while others will have exclusively practical applications. If you’re a CFP ® professional, researcher, financial advisor, or student pursuing a career in financial planning or financial services, this book deserves a prominent spot on your professional bookshelf.
336 pages, Hardcover
Published March 13, 2018
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January 25, 2020
Obviously, this book is designed for financial planning practitioners. It is provided by the CFP Board of Standards, and designed to enlighten the average advisor to some of the newer techniques developed over the last 10+ years in psychological, and behavioral, financial planning.
I became aware of this book after attending a webinar by the Wharton School from the University of Pennsylvania about client psychology, and behavioral financial advisor training. I feel this text, and that’s what it is, a text, is very useful as it starts with the general basics and studies going all the way back to 1979 on the birth of behavioral economics. It truly is fascinating material and has energized me to continue to search for greater understanding of my role for my clients.
After the basic understanding of all of the psychological experiments and testing over the course of approximately three decades, it then begins to delve into techniques and strategies that have been established to apply these studies to the client advisor relationship that I deal with on a daily basis.
The only rather curious thing about this book is that it starts with a very extensive case study where it models a family and their situation. You would naturally assume that this case will be brought up again throughout the text. The weird thing is that it never is brought up ever again throughout the rest of the book. It appears that since the book was put together from so many different sources, in other words nearly each chapter is written by different behavioral psychologists, it ends up being a little choppy. But, it was still the most extensive and comprehensive text I have found on the subject yet.
I became aware of this book after attending a webinar by the Wharton School from the University of Pennsylvania about client psychology, and behavioral financial advisor training. I feel this text, and that’s what it is, a text, is very useful as it starts with the general basics and studies going all the way back to 1979 on the birth of behavioral economics. It truly is fascinating material and has energized me to continue to search for greater understanding of my role for my clients.
After the basic understanding of all of the psychological experiments and testing over the course of approximately three decades, it then begins to delve into techniques and strategies that have been established to apply these studies to the client advisor relationship that I deal with on a daily basis.
The only rather curious thing about this book is that it starts with a very extensive case study where it models a family and their situation. You would naturally assume that this case will be brought up again throughout the text. The weird thing is that it never is brought up ever again throughout the rest of the book. It appears that since the book was put together from so many different sources, in other words nearly each chapter is written by different behavioral psychologists, it ends up being a little choppy. But, it was still the most extensive and comprehensive text I have found on the subject yet.
Displaying 1 of 1 review